Residents with expired Qatar IDs can continue to transact business with financial institutions in Qatar for 90 days after the expiry date of their residence permits, according to a new policy issued recently by Qatar Central Bank (QCB).

The QCB policy applies to all banks and exchange houses in Qatar, and institutions licensed by the QCB to transact exchange works, money transfer and related activities.

QCB said the new procedure aims to ease the banking transactions of expatriates in the country and guarantee sound financial dealings. In addition, the policy would ease procedures of financial institutions in the country.

Also, QCB affirmed that the 90-day period from the expiry date of an expatriate’s Qatari ID is the period determined by the Ministry of Interior's Passports Department.

Exchange houses in Qatar have welcomed the new QCB policy.

“It is a good move,” a senior manager of an exchange house told Gulf Times yesterday.

The senior manager said most exchange houses in Qatar have already received a copy of the QCB policy last week.

“We have to follow these instructions…earlier, we were doing it on an individual basis, especially if it’s a genuine case and if we are convinced that the company is already processing the renewal of the person’s residence permit.

“About two months ago, we received a circular saying that all transactions with expired IDs should be stopped, so we complied with the rule, but perhaps they may have reviewed some policies and hence, the new circular. And it’s a good move because it give more time to all parties involved,” the manager pointed out.

Meanwhile, QCB also stressed that all banks, including Islamic banks, in the country need to co-operate with companies regarding the Wage Protection System (WPS), and should abide by the standards and regulations of the WPS.

A bank should assign a date in case it is unable to immediately open accounts for a company’s workers.

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